G7 delayed regular views of Russian oil prices because of their sharp growth - Reuters

Russian oil is traded above the limited price and uses the "gray" tanker fleet. This complicates the possibility of control of the West over the observance of price restrictions. Russian oil companies have found ways to sell Urals and petroleum oil oil, using fewer western vessels and reducing insurance payments, Reuters reports. This allowed Russia to bypass prices imposed on Russian oil and sell it above the limit.

G7 countries explain that companies that contribute to the Russian oil trade are outside the sanctions. Therefore, Russian fuel can thus buy third countries, which increases the income of the Russian Federation from the sale of this energy resource. Recall that the Great Seven, together with the European Union and Australia, introduced a mechanism for limiting prices for Russian oil in December 2022, and since February this year - for fuel.

Initially, the EU countries have agreed to view the price limit every two months and adjust it, if necessary, while G7 will review the price ceiling as needed. However, the big seven did not review the restriction from March 2023 and, according to Reuters, does not plan to adjust them in the near future. "In June or July, there were some talks or at least about it, but it has never been formally," the agency writes with reference to one diplomatic source.

According to Reuters, the September General Assembly of the UN can become an informal platform for negotiations on such restriction. The Ministry of Finance of Russia reported that the agency said that the average price of Urals cheese has recovered to $ 74 per barrel in the current August, which is much higher than the maximum limit of $ 60 per barrel, and increased from the average $ 56 in the first six months of the year.